IMG-LOGO

Bitcoin, Ethereum Technical Analysis: BTC, ETH Stall Ahead of Powell Testimony

News Feed - 2023-03-07 11:03:10

Bitcoin, Ethereum Technical Analysis: BTC, ETH Stall Ahead of Powell Testimony


Bitcoin remained in consolidation earlier in Tuesday’s session, as markets prepared for this afternoon’s testimony from Fed Chair Powell. The head of the U.S. Federal Reserve will be speaking in front of the Senate Banking Committee later in the day. Ethereum was also largely unchanged, as it traded close to a support point. Bitcoin


Bitcoin (BTC) continued to trade sideways on Tuesday, as market uncertainty remained high ahead of Fed Chair Powell’s testimony.


Many believe that Powell will give some forward guidance into the Federal Reserve’s current thinking, and how aggressive they may be in their upcoming meeting.


BTC/USD fell to a low of $22,356.62 earlier in the day, less than 24 hours after trading at a high of $22,584.29. BTC/USD – Daily Chart


Looking at the chart, today’s move sees the world’s largest cryptocurrency continue to trade above a floor at $22,300.


This coincides with the 14-day relative strength index (RSI) also hovering above its own point of support at 42.00.


At the time of writing, the index is tracking at 43.23, with a ceiling at 49.00 a potential target for bulls, should Powell give markets a reason to be optimistic. Ethereum


Additionally, ethereum (ETH) was also largely unchanged in today’s session, with prices trading close to a recent support point.


Following a high of $1,579.46 to start the week, ETH/USD fell to an intraday low of $1,561.44 earlier in today’s session.


As a result of the move, ethereum narrowly avoided a collision with a floor at $1,560, with prices climbing marginally higher as the day progressed. ETH/USD – Daily Chart


Currently, ETH is trading at $1,567.62, which comes as the RSI bounced from its own point of support at 44.00.


At the time of writing, price strength is tracking at 44.77, with a ceiling at 47.00 a possible destination should sentiment shift.


Overall, momentum remains bearish, as the 10-day (red) moving average continues to extend a crossover with its 25-day (red) counterpart.


Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum


Could cryptocurrency prices surge following Powell’s speech? Leave your thoughts in the comments below. Eliman Dambell


Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: XRP, MATIC Rebound on Tuesday, Following Recent Lows MARKET UPDATES | 7 hours ago Biggest Movers: ETC Remains Near 2-Month Low, LTC Down by 4% on Monday MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articlePresale for AltSignals New AI Trading Algorithm Raises Over $100k in 24 Hours Next articleAlameda Research Sues Grayscale Investments Seeking to Unlock Billions in Value for Shareholders Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto